New Issue: GS Finance sells $4.72 million index-linked notes on Dow, S&P

By Taylor Fox

New York, Feb. 18 – GS Finance Corp. priced $4.72 million of 0% index-linked notes due Jan. 29, 2026 tied to the lesser performing of the Dow Jones industrial average and the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

If each index finishes at or above its initial level, the payout will be par plus the less performing index return, capped at $1,600 per $1,000 note.

If the worst performer finishes above 85% of its initial level, the payout will be par.

If either index falls by more than 15%, investors will lose 1% for each 1% decline of the worst performer beyond the 15% buffer.

The notes are guaranteed by Goldman Sachs Group, Inc.

Goldman Sachs & Co. LLC is the agent.

Issuer:	GS Finance Corp.
Guarantor:	Goldman Sachs Group, Inc.
Issue:	Index-linked notes
Underlying indexes:	Dow Jones industrial average, S&P 500
Amount:	$4,717,000
Maturity:	Jan. 29, 2026
Coupon:	0%
Price:	Par
Payout at maturity:	If each index finishes at or above its initial level, par plus the lesser performing index return capped at $1,600 per $1,000 note; if worst performer finishes above trigger buffer level, par; if either index falls by more than trigger buffer level, investors will lose 1% for each 1% decline of the lesser-performing index beyond the buffer
Initial index levels:	30,937.04 for Dow and 3,849.62 for S&P
Trigger buffer levels:	85% of initial levels
Pricing date:	Jan. 26
Settlement date:	Jan. 29
Agent:	Goldman Sachs & Co. LLC
Fees:	4.06%
Cusip:	40057EXQ5

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